VN, Russia to explore oil, gas reserves

HA NOI (VNS) — Prime Minister Nguyen Tan Dung voiced support for co-operation between Viet Nam and Russia in order to explore oil and gas resources, and also urged collaboration between their corporate counterparts, PetroVietnam and Zarubezneft.

During a reception in Ha Noi yesterday for Zarubezneft General Director Sergey Kudryashov, the PM expressed support for the joint company proposal to expand oil and gas surveys and exploration in the two countries' new blocks, adding that he had requested accelerated negotiations to promptly sign an inter-governmental agreement on a joint oil and gas production venture.

He also thanked President Vladimir Putin and Prime Minister Dmitry Medvedev for their support of oil and gas collaboration between Viet Nam and Russia, which included offering tax incentives for Rusvietpetro's operation in several blocks in the Nhenhexky autonomous region.

Underlining the effective collaboration between Zarubezneft and PetroVietnam with their successful joint-ventures Vietsopetro and Rusvietpetro, Kudryashov affirmed that Zarubezneft was keen on a strategic and long-term cooperation with PetroVietnam.

He said he hoped the two countries would sign an inter-governmental agreement on oil and gas survey and exploration as early as possible.

According to Kudryashov, Rusvietpetro has launched a successful oil and gas project in northern Russia's Nhenhexky autonomous zone.

Since September 2010, Rusvietpetro has pumped 8.78 million tonnes of oil, raking in close to US$4.6 billion in revenue and US$1 billion in profits after taxes. It plans to put two more oil fields into operation and double its total capacity. — VNS